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-   -   Developing an LLC for Paypal (https://www.aspkin.com/forums/paypal-talk/82913-developing-llc-paypal.html)

dugunz 02-14-2015 03:01 PM

Developing an LLC for Paypal
 
So when I create an LLC to attach to Paypal, I obviously use my real name and info.

1)When it comes time to input the LLC information in to Paypal will they ask for the name listed under the LLC? If so do I input my stealth name or my real name?

2)Will my 1099k form have my stealth name on the title, or the LLC business name?

3)If I wait to hit my 200/$20,000 under my stealth name, then input my LLC information after the fact, will the 1099K be filed under my stealth name or the LLC name?

4)Tax purposes and deductions aside (for stealth purposes) is it better to open a DBA or LLC business to maintain a solid long lasting account? I would think LLC because your doing business under a new name, not "Doing Business As" you real name. Am I correct?

I have asked my accountant but he is not very knowledgeable about stealth accounts. It seems his main concern is having a name other then my own on my 1099K.

dugunz 02-15-2015 11:52 PM

Re: Developing an LLC for Paypal
 
Any input on this? Can someone at least tell me if my stealth name or my LLC name would show up on a 1099k?

yankee 02-15-2015 11:55 PM

Re: Developing an LLC for Paypal
 
I will reply to this in the AM.

LLC name comes on your 1099K to answer that question now.

zexaah 02-16-2015 01:44 AM

Re: Developing an LLC for Paypal
 
1. REAL
2. LLC
3. LLC
4. LLC BUSINESS

LLC should be under your name.

GreenBean 02-16-2015 01:50 AM

Re: Developing an LLC for Paypal
 
Quote:

Originally Posted by zexaah (Post 642774)
1. REAL
2. LLC
3. LLC
4. LLC BUSINESS

LLC should be under your name.

Why are you talking such rubbish in nearly ALL of your posts.

Again, bad info from you.

So, you are telling us that a LLC should be made in the banned real name?

Are you?

rsot 02-16-2015 10:05 AM

Re: Developing an LLC for Paypal
 
@dugunz, just FYI...paypal is known to limit accounts based on PROJECTED rate of 200/20k...not just actual value

zexaah 02-16-2015 01:41 PM

Re: Developing an LLC for Paypal
 
Quote:

Originally Posted by GreenBean (Post 642776)
Why are you talking such rubbish in nearly ALL of your posts.

Again, bad info from you.

So, you are telling us that a LLC should be made in the banned real name?

Are you?

i am saying that yes

danshan 02-16-2015 01:43 PM

Re: Developing an LLC for Paypal
 
Quote:

Originally Posted by dugunz (Post 642348)
So when I create an LLC to attach to Paypal, I obviously use my real name and info.

1)When it comes time to input the LLC information in to Paypal will they ask for the name listed under the LLC? If so do I input my stealth name or my real name?

2)Will my 1099k form have my stealth name on the title, or the LLC business name?

3)If I wait to hit my 200/$20,000 under my stealth name, then input my LLC information after the fact, will the 1099K be filed under my stealth name or the LLC name?

4)Tax purposes and deductions aside (for stealth purposes) is it better to open a DBA or LLC business to maintain a solid long lasting account? I would think LLC because your doing business under a new name, not "Doing Business As" you real name. Am I correct?

I have asked my accountant but he is not very knowledgeable about stealth accounts. It seems his main concern is having a name other then my own on my 1099K.


Lol you think your accountant might be right!

yankee 02-16-2015 01:55 PM

Re: Developing an LLC for Paypal
 
Your accountants job is not to understand stealth. That is your end of things. Your accountants job is to make sure your tax liability is as small as legally possible and to make sure you are not commingling funds or putting yourself at risk. Sounds like your accountant is doing a good job.
1) If you wait until paypal requests tax info, as of recently anyways, you will update everything to your LLC info. You do not need any "user name or SS"
2) It will come as your Business name even if you changed it on the 30th of December
3)Business Name you entered.
4) Company such as LLC, Corp, partnership, etc.. or anything other than a sole proprietor(this can work but can also link directly to your real details)

dugunz 02-16-2015 05:09 PM

Re: Developing an LLC for Paypal
 
Thank you all for the information, it is very helpful to clear this up for me.

Lol, and just for the record I may have worded that wrong with the accountant. I know he wouldn't know anything about stealth accounts, but I did bring up the possibility have having a different name other then my own on my 1099k to him and he said I should try to avoid that because he has never encountered that and he wouldn't be sure of how to handle it.


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